In June, Intrepid eliminated more than 300 positions when it idled Carlsbad's West Mine.

Whyte said the company is optimistic they will be able to return to four shifts sometime in the future.

"At this point, we believe that we have reached the bottom for potash pricing and as such we expect third quarter potash pricing represents a low point for us in the cycle," said Intrepid CEO Bob Jornayvaz during a conference call on the company's third quarter results.

Jornayvaz said they have been encouraged by the level of interest nationally and globally in Trio.

There has been recent uptick in potash prices, but the company does not expect to see that reflected in the company's earnings until 2017, Intrepid Chief Accounting Officer Brian Frantz said.

Intrepid reported $18.2 million in losses for the third quarter, bringing total losses to $50 million this year.

Last week, Intrepid announced a new credit agreement and the amendment of its senior note terms, which it hopes will allow them more freedom to enact their new, smaller business model.

Maddy Hayden may be reached at 575-628-5512, mahayden@currentargus.com and @Maddy_J_Hayden on Twitter.